The upper resistance levels held. Of the set ups for counter trend I preferred the 1hr engulfing close on GU. We missed it, no problem today is another opportunity.
15 Jan
EUR - No real progress made higher and D closed a doji. 4hr shows signs of flipping over should the current candle closes negative. That may signal a double top, scalp sell (as not yet confirmed by the D). Only time will tell if this is a pause in uptrend or start of a turn. The Mar '12 highs are a major resistance level. We had support yesterday 1.3335.
GU - D negative close with a decent lower wick. At present we are bouncing between W pivots and support/resistance levels. 4hr and 1hr flow lower high lower low. Bias down. Support at 1.6000.
EJ - D closed on the resistance level and dropped 50 pips in Asian session. It appears the 4hr divergence is now playing out. We moved aggressively away from our D lwma due to the jump on 10th, a pause up is expected. Viewing this as a dip in uptrend, bias up.
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